Reverse mortgage
If you're over 65 years of age, then our highly flexible Reverse Mortgage can allow you to free up and access the equity you've built up in your home. It means you can make the most of every day and not have to miss out on the things you've always wanted to do.
- If you are after a loan that enables you to use the equity you have built up in your home, start by calling us on 13 19 87 to speak to our Mobile Lenders.
Facts at a glance
| Effective: 1 July 2009 |
| About the loan |
A Reverse Mortgage is a loan secured by your property, but you do not need to make any repayments (capital or interest) until you leave the property. You then have a further 12 months to pay us back. |
| Application Fee |
$1000 |
| Ongoing Fees |
Nil |
| Valuation Fee |
$300 for under $1m
$550 for properties over $1m
Request a quote for properties over $2m |
| Minimum loan Amount |
$20,000 |
| Maximum Loan Amount |
No maximum loan amount subject to the value of your house and our LVR requirement. |
| Loan Value Ratios (LVR) |
The amount you can borrow is based on the value of your house and the age of the youngest borrower. Please see our Loan Value Ratio table (LVR) |
| Negative Equity Guarantee |
Neither the borrower nor their estate will owe more than the value of the property unless the borrower breaches the loan terms. |
| Protected Equity |
You can protect up to 25% of the value of your home (Lower LVRs will apply) |
| Loan Options |
- Lump Sum
- Fixed interest rate over 5, 10, 15, 20 years or Lifetime*
- Variable interest rate
- Monthly Income
- Variable interest rate over 5, 10, 15 or 20 years
- Equal payments or 2.5% annual increase
- Flexible Drawdown
- Combination fixed and variable rate
- Combination lump sum, monthly income, or cash reserve
|
| Repayments |
None required until borrowers permanently move out of the home.
Optional repayments available (penalties may apply on fixed rate loans) |
| Property restrictions |
No retirement villages/resorts or transportable homes. Some postcode restrictions apply. |
| Investment Properties |
Considered on an individual basis (variation on standard terms) |
| Insurance requirements |
Current homeowners' or strata replacement insurance policy |
| Pension impact |
Refer to Centrelink |
Download the Reverse Mortgage brochure
Click here to download (PDF - 345Kb)
View Current Interest Rates
Click here to view
View the calculator
Click here to view
View Reverse Mortgage FAQs
If you have a question, visit our FAQs.
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Here's some more information for you:
Newcastle Permanent Reverse Mortgage is issued by Reverse Mortgage Services Pty Ltd ABN 87 114 594 080. Full Terms and Conditions will be included with the loan offer. Fees and charges are payable. The information contained in this website has been prepared without taking into account the objectives, financial situation and needs of any particular individual or couple. For this reason, any individual or couple should - before acting on any of the information contained in this website - consider the appropriateness of the information with regard to their individual objectives, financial situation or needs.* Age restrictions apply to Lifetime Fixed interest rates.